Thursday, February 27, 2020

Walmart-Anchored Center Acquired by First National Realty

by John Jordan
The Court at Hamilton, a 194,106-square-foot retail property anchored by a Walmart Supercenter, has been sold to Red Bank, NJ-based First National Realty Partners for $19.2 million.

The property, which was developed in 2016, is anchored by a 150,000-square-foot Walmart Supercenter. The property was sold by Abrams Realty & Development of Elkins Park, PA.

“With little to no competition within three miles, Walmart performs extremely well here, with more than $100 million in sales. The area’s high population density and the opportunity to co-tenant with Walmart make the center immensely appealing to retailers.”

The Court at Hamilton was 99% occupied at the time of sale. In addition to Walmart, which has a long-term lease at the property, the center’s other tenants include Rainbow, Snipes, Burger King, and an upcoming Capital Health General Medicine practice slated to open in March.

“The attractive nature of a newly developed shopping center anchored by a Walmart Supercenter on a long-term lease at a time when large format retail development has been dormant was a huge demand driver for investors. We are still finding that the bulk of national investor demand lies in grocery-anchored shopping centers, especially with the ability to borrow at very attractive interest rates in today’s debt markets.”

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